Why City Chic, Coronado, South32, and Syrah shares are charging higher

These ASX shares are rising on Wednesday…

| More on:

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another decline. At the time of writing, the benchmark index is down 0.75% to 7,264.1 points.

Four ASX shares that have not let that hold them back are listed below. Here’s why they are charging higher:

City Chic Collective Ltd (ASX: CCX)

The City Chic share price is up 4.5% to $2.72. This follows the release of a second half trading update. According to the release, as of 24 April, the plus sized fashion retailer’s second half sales were up 25% year on year. This builds on its first half sales growth of 46%.

Coronado Global Resources Inc (ASX: CRN)

The Coronado share price is up 3% to $2.21. Investors have been buying this coal miner’s shares following the release of its quarterly update. Thanks to a sky high coal price, Coronado reported record quarterly revenue of $947 million. This was up materially year on year and 22.3% on the previous record of US$775 million, which was recorded in the prior quarter.

South32 Ltd (ASX: S32)

The South32 share price is up almost 3.5% to $4.61. This appears to have been driven by a positive response to the mining giant’s quarterly update by a number of brokers. These include Citi and Goldman Sachs, which have both retained buy ratings on South32’s shares. Citi has a $5.50 price target, whereas Goldman has a $5.70 price target.

Syrah Resources Ltd (ASX: SYR)

The Syrah share price has jumped 11% to $1.82. The catalyst for this was the graphite producer’s quarterly update. Syrah revealed strong demand for its Balama natural graphite from the electric vehicle market. Management also reported an increase in its weighted average sales price to US$573 per tonne (CIF). This compares to Balama C1 cash costs of US$464 per tonne.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Gainers

A boy leaps and flaps his arms as he tries to fly with some birds on the shoreline of the beach.
Share Gainers

5 best ASX All Ordinaries shares in June

Why did these ASX shares fly while the All Ords dropped?

Read more »

a man looks down at his phone with a look of happy surprise on his face as though he is thrilled with good news.
Share Gainers

Why Austal, Mesoblast, Regis Resources, and Zip shares are charging higher

These ASX shares are ending the week strongly...

Read more »

Three rockets heading to space
Share Gainers

These 3 ASX All Ords shares are delivering double-digit gains on Friday

These stocks have each surged more than 20% today.

Read more »

a man in a green and gold Australian athletic kit roars ecstatically with a wide open mouth while his hands are clenched and raised as a shower of gold confetti falls in the sky around him.

Why is the Northern Star share price more green than gold on Friday?

It's proving a good day so far for the gold miner, despite the price of the yellow metal falling.

Read more »

Rising arrow on a blue graph symbolising a rising share price.
Share Gainers

Why is the Mesoblast share price leaping 19% today?

Mesoblast reverses course today – for now, anyway.

Read more »

a group of young people dance together with their hands in the air, moving to music.
Share Gainers

What’s propelling the MoneyMe share price 28% higher today?

Investors have rewarded the company handsomely today.

Read more »

a man and a woman sitting in a technology related work environment high five each other while the man wears headphones around his heck and the woman sits in front of a laptop.
Share Gainers

Domestic bliss: Praemium share price surges 18% after international business split

The tech company will now focus on the domestic market.

Read more »

Young woman in yellow striped top with laptop raises arm in victory
Share Gainers

These were the best performing ASX 200 shares in June

These ASX 200 shares defied the market selloff and stormed higher...

Read more »